Sales slip in August, but real estate market holds firm overall

Sep 5, 2008 2:32 PM - OTTAWA -- Although the number of residential properties sold in August decreased by 9.2 per cent over August last year, the Ottawa Real Estate Board says the market is very steady.

Members of the board sold 1,187 residential properties in August through the board's Multiple Listing Service system, compared with 1,307 in August 2007. There were 1,418 sales in July 2008.

Year-to-date sales are up, Ms. Skuce said. At the end of August, 10,469 homes had been sold, compared to 10,141 during the same period in 2007.

Homes are also selling more quickly this year than they have in the past two years, she said. As of the end of August 2008, homes spent an average of just 33 days on the market, compared with 42 days in 2006 and 37 days in 2007.

The average price of residential properties, including condominiums, sold in August in the Ottawa area was $280,806, an increase of 5.1 per cent over the same month in 2007.

Some 489 two-storey homes were sold in August and 626 in July 2007, a 12.7-per-cent decrease. However, the prices increased by 5.3 per cent - $317,605 compared to $301,696 in August 2007. There were 241 bungalows sold in August and 272 the year before. The average price of a bungalow increased by 7.5 per cent, to $283,340 from $263,585 the year before.